Is economics the same as business studies? URGENT ANSWER PLEASE?
Answer:
I think I disagree with libertyforall a little bit.
People in business often know a lot about their products and how to price them and manage them. They really don't need economics, or much of economics.
Economics is the theory behind business and the market. Just as a pool player knows how to play pool without using mathematics and physics, so business people don't need to know the theory behind Economics.
I think Economics is sort of the religion behind business. The introductory classes most assume that all market interference is bad and greed is good.
However, just as a business spends a lot on advertising, it also spends a lot on marketing and forecasting. In these cases, you want to estimate economic models, and here economics makes a lot of sense. But many times these models don't do anything. On the other hand, designing marketing surveys and analyzing results help a lot, and economics is helpful for this, but not because of economic theory per se but rather because economics requires a lot of statistics that becomes very helpful. Same with data analysis in general.
Trading firms hire economists to predict the stock market, but it never works well.
Some people think accounting is economics, but it really isn't.
Not at all. 'Economics' is called the "dismal science". Business studies are much more fun.
welll, they interrelate.
No. Business studies usually encompasses a wide range of subjects - economics, accounting, marketing, management, etc. Economics is a specific discipline. As for the poster who referred to it as the "dismal science," well, that's just ignorant. Economics teaches you the "why" behind transactions. If you want to know the reasons behind a good's price, economics can supply the answers. Want to know why businesses enter (or leave) an industry? Economics. Want to know the overall impact of a professional sports team moving to your hometown? Economics. Want to know why some goods are more expensive than others? Economics. Want to know why a person may choose to buy 2 cokes, but not three? Economics. Want to know why when the government spends beyond what is has already confiscated, the price of gasoline rises? Economics. Business studies may teach you about Advertising. Economics teaches you how to determine how much. Accounting may tell you if you're making a profit. Economics will show you if this profit is actually a loss (to you.) If you want to see trees, look at Business studies. If you want to see the forest, look at Economics.
Economics deals with domestic matters, inflation, production, rates of interest, monetary mass etc. The aim of an economist is to create models or theories so that politicians can apply them to make a better country to live in.
Business studies deals with costs, accountantcy, organization, marketing etc. Both of them have got things in common, such as maths, statistics, sociology and basic theories about demand, supply and prices.
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